|Bid||48.34 x 12100|
|Ask||48.37 x 6800|
|Day's range||47.89 - 48.45|
|52-week range||35.11 - 54.08|
|Beta (5Y monthly)||1.37|
|PE ratio (TTM)||N/A|
|Earnings date||27 Oct 2023|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||22 Apr 2022|
|1y target est||52.90|
(Reuters) -Covestro on Friday has entered into open-ended discussions with suitor Abu Dhabi National Oil Company (ADNOC) over a takeover approach, the German company said in a statement. Covestro's change in stance comes after two top-15 investors told Reuters last month that the plastics and chemicals maker should engage in formal takeover talks in the interest of its shareholders. Earlier on Friday, Reuters reported citing a source that Covestro's board would meet to discuss formal negotiations with ADNOC.
(Reuters) -German chemicals maker Covestro sees no improvement in demand this year and now forecasts annual core profit to be at the lower end of its range as customers continue to de-stock in an environment of high inflation. "The topic of de-stocking has occupied us for a long time, and we do not see a trend reversal in the coming months," Chief Financial Officer Thomas Toepfer told Reuters. Asked about a reported buyout offer from Abu Dhabi's oil giant ADNOC, the finance chief said the company would not comment on any market speculation.
German industry is finding new ways to transport cargoes from coal to chemicals as increasingly frequent low water levels on the Rhine disrupt Europe's largest economy. But following extended periods of low water in 2018 and 2022, Rhine levels are again too low in parts of the river for cargo vessels to sail fully loaded when they can hold the equivalent of up to 150 trucks. At Kaub, the critical chokepoint for Rhine barges, water levels fell to their lowest this year earlier this week.